The #1 Priority Task of a Real Estate Investor Everyday
The number one priority task of a real estate investor is to make or receive calls. Calls are the gist of what we do.
Many new investors who are nervous about getting started resort to passive activities, such as sending out letters, reading articles online, looking at properties, reading articles online, attending meetings, and reading articles online. These actions are all beneficial to you somehow, but they don’t directly make you money. The more surefire way to make money is to
- Talk to people who have a house to sell to you
- Talk to people who have money to lend you
- Talk to someone who wants to buy a house from you.
These are the 3 priority tasks you should be doing at least once per day.
How can you achieve this level of action?
- Set up a routine. Set up a regular time to do the 3 tasks that make you money. Every day for two hours I work on my blog, or drive for dollars, or research online. However, I try to stay focused on who can I call or contact today about buying, selling, or lending. Otherwise, all of my actions are spinning wheels. I currently contact someone or receive a communication from someone once a week. I want to get to the point where calls are coming in or going out at least one per day. The more calls you make, the more money you make.
- Limit the amount of time you spend reading about real estate. Before I started investing, I spent one month reading books and articles about investing. Then I bought my first property. There’s no learning in this field that compares to action. You want to spend your time doing something that directly brings in money/marketing. By taking action and making calls, you are ahead of many novice investors who are stuck on being perpetual hesitators.
- Help someone with their investing goals or dreams. Find another investor and ask what they are looking for and what you can help with. This will motivate or even force you to be action-oriented, if not for yourself, then for someone else.
- Take care of your health. Eat well and sleep a sufficient number of hours so that you can focus, especially in the evenings when your body wants to shut down and just watch TV and eat. Take a walk in fresh air before settling down to investing tasks so that your body is wide awake.
- Find buyers, sellers, and lenders. There are way too many methods for me to list them all here. I’ll discuss these methods in a different article. However, you should be doing this daily until your phone is getting calls and texts every day. Remember, most deals won’t pan out, so you need lots of deals in order to find that diamond in the rough.
- Keep a daily done list. I chart what I accomplished each week. I only chart tasks that are relevant to making me money. You won’t see “I read something” or even “I listened to a podcast.” While I do those things, those are not the moneymakers. I do however, chart how many lenders, buyers, or sellers, I approached. So, keep a list of tasks you did each day or each week that move your forward. If you think the list is too short this week, then make it longer next week.
Comments: Are you satisfied with the number of buyers, sellers, and lenders you talk to weekly? What do you do to increase or maintain your money-making actions?